Strong Quarterly RNG Volumes
Delivered 67 million gallons of RNG in Q1 2026, representing roughly 27% of the company's 2026 guidance of 250+ million gallons and reflecting strong demand and improved supply execution.
Clean Energy Fuels
· CLNE
May 7th, 2026
Summary
- Earnings Call Date:
- 2026-05-07
- Change Since:
- -25.11%
- Next Earnings Date:
- 2026-08-12
Earnings Call Sentiment
PositiveThe call balanced meaningful operational and financial progress—notably revenue growth (+13.3%), strong RNG deliveries (67M gallons), improved GAAP loss, solid cash position ($126M on balance sheet + $46M JV cash), CARB pathway approval (Del Rio Dairy CI ~ -300), and ongoing project ramp-ups—against persistent execution and market challenges including weather-related production disruption, slower-than-expected trucking adoption, anticipated lower base fuel margins, and modestly lower Adjusted EBITDA (down ~2.9%). Management maintained confidence in 2026 guidance (250M+ gallons RNG) and emphasized steps to strengthen operations and leverage regulatory tailwinds. Overall, positives (growth, liquidity, regulatory wins, project progress) modestly outweigh the lowlights (operational ramps, margin pressure, adoption headwinds), yielding a constructive but cautious outlook.
Company Guidance
Management maintained full‑year RNG delivery guidance of at least 250 million gallons and left fuel distribution guidance roughly unchanged at about 67–70 million gallons, noting Q1 produced 67 million gallons of RNG (with an expected modest decline of “a few million gallons” in subsequent quarters) and that production and financial results should improve as the year progresses; Q1 financials included $117.6 million of revenue (vs. $103.8M a year ago), $16.6 million of Adjusted EBITDA (vs. $17.1M), a GAAP net loss of $12M (vs. $135M), $126M of cash and investments on the balance sheet plus $46M cash at dairy RNG JVs, a $12M MAS Energy Works JV contribution in Q1 (plus another $12M in April), eight RNG projects operating and three under construction, and a CARB‑approved Del Rio Dairy pathway with an approximate carbon intensity of –300.
Revenue Growth
Reported total revenue of $117.6 million in Q1 2026 versus $103.8 million in Q1 2025, an increase of $13.8 million or ~13.3% year-over-year driven by higher retail fuel prices, higher volumes, and monetization of RIN/LCFS credits.
Stable Adjusted EBITDA and Major Improvement in GAAP Loss
Adjusted EBITDA was $16.6 million in Q1 2026 versus $17.1 million a year ago (down ~2.9%). GAAP net loss improved substantially to $12 million in Q1 2026 from a $135 million loss in Q1 2025 (prior year included ~$115 million of large non-cash charges).
Strong Liquidity Position
Ended the quarter with $126 million in cash and investments on the balance sheet plus an additional $46 million cash held at dairy RNG joint ventures, supporting project development and operations.
Regulatory and Credit Milestone
CARB approved the pathway for the Del Rio Dairy project with a carbon intensity of approximately -300, which materially increases LCFS credit generation (nearly doubles credits versus a -150 CI) and strengthens project economics.
Upstream Development Progress
Operating eight RNG projects with three additional projects under construction; reported ramp-ups at South Fork (Texas) and East Valley (placed into service and monetized significant RIN/LCFS credits).
JV Funding and Project Execution
Contributed $12 million to MAS Energy Works JV in Q1 (another $12 million in April); JV progressing on three dairy projects under construction and demonstrating continued capital commitment to expand RNG production.
Operator
Please standby. Your meeting is about to begin. Hello, and welcome, everyone, joining today's Clean Energy Fuels Corp. First Quarter 2026 Earnings Conference Call. At this time, all participants are in a listen-only mode. Note this call is being recorded. We are standing by should you need any assistance. It is now my pleasure to turn the meeting over to Tom Driscoll, Vice President, Strategic Development and Sustainability.
Please go ahead.
Tom Driscoll
Thank you, Dana. Earlier this afternoon, Clean Energy Fuels Corp. released financial results for the first quarter ending 03/31/2026. If you did not receive the release, it is available on the Investor Relations section of the company's website, where the call is also being webcast. There will be a replay available on the website for 30 days. Before we begin, we would like to remind you that some of the information contained in the news release and on this conference call contains forward-looking statements that involve risks, uncertainties, and assumptions that are difficult to predict. Such forward-looking statements are not a guarantee of performance and the company's actual results could differ materially from those contained in such statements. Several factors that could cause or contribute to such differences are described in detail in the Risk Factors section of Clean Energy Fuels Corp.'s Form 10-Q filed today.
These forward-looking statements speak only as of the date of this release. The company undertakes no obligation to publicly update any forward-looking statements or supply new information regarding the circumstances after...
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